According to the agreement, MHRC will pay $1 per year to rent the building and pay all taxes, insurance, maintenance, repairs and operating expenses except for up to $200,000 provided by the city in 2013, 2014 and 2015. The city will also provide funds to MHRC from 2016 to 2019 for a total contribution of up to $100,000 for renovations.

City Solicitor John Curp said the deal can be ended by the city if the nonprofit group doesn’t raise at least $50 million by 2015, but it is expected to exceed that goal.